| From Commodities-now.com: Demand for steel in the EU has collapsed. Current price levels are, however, hard to verify because very few forward orders are being placed. Buyers are afraid to purchase because selling values are dropping on a daily basis. Moreover, customers' orders books have reduced dramatically - leaving OEM's and distributors with excessive inventories.
Such is the decline in real consumption, that existing stocks through the supply chain will be sufficient to meet market requirements for several weeks and even months ahead. Recently announced savage cuts in steel production are not just required to rebalance the market in the short term..... Full Article: Source
|